Lawrence Levy ’66, ’67 MBA
Thinking Big
Before arriving at Northwestern to study business, Larry Levy had no grand plans for himself. A first-generation college student, he grew up in a middle-class family in St. Louis and applied to Northwestern at the encouragement of a friend and future Phi Epsilon Pi fraternity brother.
Once on campus, Levy found peers and opportunities that raised his expectations. “My fraternity class was full of brilliant, ambitious, charismatic people like I had never met before,” he recalls. “I knew I had to up my game.”
He upped it — and then some — earning a spot on the freshman basketball team while pursuing new business ideas. By his sophomore year, Levy had started a campuswide laundry service, a music band–booking operation, a popular coupon booklet for local businesses and a gig arranging students’ summer flights to Europe.
Levy says those hands-on experiences and the people skills he honed at Northwestern set him up for success. “I had to learn how to be persuasive while being honorable, set a good culture and deliver what I had promised to customers,” he says. “What’s more, I heard the word ‘entrepreneur’ for the first time, and I said, ‘That’s for me.’ I haven’t stopped since.”
After earning his MBA at Northwestern’s School of Commerce (now the Kellogg School of Management) and serving in the Green Beret reserves during the Vietnam War, Levy joined a fledgling Chicago commercial real estate firm, became its president and launched his own company by his late 20s.
One of Levy’s first real estate ventures, One Magnificent Mile, became a landmark Chicago development — but not without risk. He borrowed $100 million to launch the high-rise building project in the late 1970s just as interest rates were surging.
“I made no money,” he says. “But I made my reputation on that project, because I didn’t give up and made sure everyone got paid.”
In 1978 Levy and his brother, Mark, opened D.B. Kaplan’s, a delicatessen in Chicago’s Water Tower Place, drawing on their family’s love of food and their mother’s recipes. The deli’s success led to Levy Restaurants, a Chicago-based food service operation built on a disruptive idea: bringing restaurant-quality dining and Midwestern hospitality to sports and entertainment venues, where the standard fare had always been hot dogs and peanuts.
The company grew to serve more than 450 venues and opened a network of restaurants. They also catered marquee events, including the Super Bowl and Grammy Awards. Levy sold the company in 2006. With his sons, he now manages Levy Family Partners, which includes a portfolio of real estate, operating businesses, venture capital and other investments.
Through it all, Northwestern has stayed central to Levy’s life. He joined the University’s Board of Trustees in 2004 and later became a life trustee. As a longtime member of Kellogg’s Global Advisory Board, Levy has championed entrepreneurship. He and his wife, Carol Neims Levy ’64, endowed the Larry and Carol Levy Institute for Entrepreneurial Practice at Kellogg, a springboard for student and faculty ventures. Levy also invested in The Garage, Northwestern’s space for student innovators, and supports VentureCat, an annual student startup competition.
Today Northwestern “is on fire with entrepreneurship,” Levy says. He and Carol also underwrite the Levy Inspiration Grant Program and Levy Inspiration Treks, which give Kellogg students immersive opportunities to meet founders and research their business ideas.
“My biggest learning was not in class — it was experiential,” Levy reflects. “And that’s what we’re trying to create for students.”
Elizabeth Station is an Evanston-based freelance writer.
Reader Responses
No one has commented on this page yet.
Submit a Response